The answer is C. They do not protect fraud and credit cards may even increase your chances of it.
Answer:
Option C is the correct answer.
<u>Debit Depletion Expense $1,358,500; credit Accumulated Depletion $1,358,500.</u>
Explanation:
Fortune Drilling Company acquires a mineral deposit at a cost of $5,900,000. It incurs additional costs of $600,000 to access the deposit, which is estimated to contain 2,000,000 tons and is expected to take 5 years to extract. Compute the depletion expense for the first year assuming 418,000 tons were mined.
Depletion expense = ( Mineral Deposit Cost + Additional cost)/ Estimate Extraction * N0 of ton extracted in first year
Depletion expense = (5900000 + 600000)/2000000 * 418000
Depletion expense = $ 1,358,500
Answer:
d. where price is equal to average fixed cost.
Explanation:
Firms involved in a perfectly competitive market face the same cost, <em>they will theoretically make zero profit on the long run.</em> This happen at the point where price is equal to average fixed cost.
Answer:
The utility received from consuming one unit of a good
Explanation:
Marginal utility refers to the additional satisfaction that a consumer will obtain from consuming additional units of goods or services.
Marginal utility is utilized by economists to identify and check how much of a particular item a consumer is willing and ready to buy.
Marginal utility is calculated as:
change in total utility/ change in the number of goods consumed.
Answer:
FIFO
Explanation:
FIFO inventory system means the first purchased inventory are the first to be sold.
The LIFO inventory system means the last purchased inventory are the first to be sold.
The average cost inventory system means that the average cost of inventories are used as the cost of the goods sold.
For example, if a business has a beginning inventory of 5 biros at $2 each. On the first of December, the business purchased 10 pens at $2.50. On the 10th, 5 pens were purchased at $3. 15 pens are sold at $5 each. If the FIFO inventory system is used, the cost of goods sold would be = (5×$2)+(10×$2.50) = $35
Total revenue = $75
Net profit = $40.
If the LIFO inventory system is used, the cost of goods sold =(10 × $2.50) + (5×$3) = $40
Net profit = $35
The net profit is higher using the FIFO method.
I hope my answer helps you
